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According to a comprehensive research report by Market Research Future (MRFR), “Software as a Service Market, By Deployment, By End User, By Industry – Forecast 2020-2030, the market is anticipated to acquire a valuation of approximately USD 381.21 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 17.3% during the assessment timeframe.
Software as a Service (SaaS) Market Overview:
The global software as a service market is growing substantially. Small businesses are increasingly leveraging the benefits of SaaS pricing models to expand their footprints in new markets. The market demonstrated immense potential and investment opportunities for SaaS companies to scale up. Moreover, the Covid-19 outbreak escalated SaaS adoption for greater flexibility, functionality, and remote productivity.
There is a huge demand for new SaaS services, especially in the security and analytics areas. Industry players are continually working on their strategy to give more flexible & cost-effective services to communication service providers (CSPs) and enterprises to operate and monetize their networks and advance 5G service roll-outs. These new services accelerate the value they realize from their services by shifting to an agile model based on software.
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Enterprises consume SaaS instead of customized software run on costly, complex, on-premise infrastructure. Unlike traditional SIMs, eSIM (embedded SIM) and iSIM (integrated SIM) technologies can store and manage several subscription profiles remotely to authenticate users and devices on mobile networks. Organizations of all sizes can benefit from SaaS technology, especially for applications that need web as well as mobile access.
Though SaaS solutions are designed for private clouds and require a high level of configuration and training, SaaS implementation is easy to deploy and provides simple applications accessible via public clouds. Especially for small businesses with limited capital and expertise, SaaS is more beneficial in a range of scenarios, from building applications to hosting them on-premises.
SaaS technology helps large organizations with short-term projects and applications that are rarely used or needed. Other advantages that SaaS offer, such as high accessibility, efficient & cost-effective operational management & data storage capabilities, analytics, and scalability, with increased security, increases its adoption in a number of rapidly growing industries, including IT & telecommunication, BFSI, entertainment, and more.
Key Players:
Players leading the global software as a service market include-
Industry Trends:
Software-as-a-service (SaaS) has emerged as a large disruption in the global technology industry. The market is witnessing a rapid increase in its share on the global platform, translating into significant revenue growth. Most companies worldwide are pushing substantial investments focusing on horizontal business solutions, vertical software, and innovative Infra SaaS.
Unlike other technology Services, the SaaS industry generates significant revenues and has a diverse business model targeting both enterprises and small & medium businesses. Complexities in 5G networks fuel the market demand, increasing the need for advanced analytics. Industry players strive to offer new SaaS capabilities based on NWDAF (Network Data Analytics Function) and part of 5G Standalone architecture.
Software as a Service Market Segments:
The SaaS market is segmented into deployments, end-users, industries, and regions. The deployment segment comprises community cloud, public cloud, hybrid cloud, and private cloud. The end-user segment comprises SMEs and large enterprises. The industry segment comprises IT & telecommunication, entertainment, retail, BFSI, healthcare, manufacturing, and others. The region segment comprises the Asia-Pacific, Americas, Europe, and rest-of-the-world.
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Software as a Service Market Regional Analysis:
North America leads the global software as a service market. The largest market share attributes to large technology upgrades and the growing need to efficiently manage access to various applications with end-to-end security. Besides, the digital revolution across the commercial and industrial sectors in this region fosters market size. The early adoption of cloud-based deployment services positively impacts the SaaS Market value.
The software as a service market is brisk in the Asia Pacific region. The growing demand for SaaS solutions and services from industrial verticals to access various software solutions stored in the cloud provides enormous opportunities for market players operating in various APAC countries. Moreover, the increasing uptake of cloud-based services substantiates market revenues.
Software as a Service Market Competitive Analysis:
Highly competitive, the SaaS market appears fragmented due to several large and small players forming a competitive landscape. Players incorporate strategies such as collaborations, mergers & acquisitions, product/ technology launches, and expansion to boost sales and SaaS Market share growth.
The on-demand software solutions can help visualize and perform analyses while mitigating critical business risks for business managers. Further, they allow users to access software services using cloud platforms to increase operational efficiency and reduce the cost of software acquisition & management.
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For instance, on Sept. 27, 2022, AdCount Technologies Pvt. Ltd., a leading SaaS provider, announced the acquisition of Posify Solutions to boost its client base fourfold over the next fiscal year. AdCount’s leading SaaS platform SupplyNote offers a business-to-business (B2B) solution that can be integrated with most POS (point-of-sale) platforms in the restaurant management space to obtain sales data for inventory automation.
In another instance, on Sept. 29, 2022, Advata, a leading provider of advanced healthcare analytics, introduced a new revenue cycle management (RCM) solution called Advata Smart AR. The new proprietary SaaS solution can enable healthcare providers to improve accounts receivable (AR) management, automating processing and advising on the next recommended action.
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